Warren Buffett, one of the most influential investors in history, has announced he will step down as chief executive officer of Berkshire Hathaway at the end of this year. The 95-year-old, famously known as the “Oracle of Omaha,” said he will “go quiet” after six decades at the helm, marking the end of an era in American business.
Buffett said he will no longer write his celebrated annual letter to shareholders, a tradition that shaped his reputation for wit, wisdom, and insight into capitalism. However, he will continue to share a Thanksgiving message and intensify his philanthropic giving.
The billionaire revealed plans to donate his remaining $149 billion stake in Berkshire Hathaway to charity, continuing his lifelong commitment to philanthropy. His decision follows decades of large-scale donations, reflecting his belief that wealth should serve broader social good.
Greg Abel, 63, currently vice chairman overseeing Berkshire’s non-insurance operations, will take over as CEO next year. Abel was publicly identified as Buffett’s successor in 2021, and Buffett praised him warmly, saying he “has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”
Buffett shared that his health remains stable, even if age has slowed him down. “I generally feel good,” he wrote, noting that he still works in the office five days a week, though he reads with “increasing difficulty.”
In a move reflecting both his realism and generosity, Buffett recently converted 1,800 Berkshire shares, worth about $1.35 billion, into cheaper Class B shares and donated them to four family foundations. “To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts,” he wrote.
Despite his exit, Buffett expressed confidence in Berkshire’s future. The conglomerate’s Class B shares have risen more than 10% this year, pushing its market capitalization beyond $1 trillion. “In aggregate, Berkshire’s businesses have moderately better-than-average prospects,” he said. “However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.”
Over the years, Buffett has crafted a dual image, that of a sharp investor and an approachable Midwesterner. Berkshire’s shareholder meetings, known as “Woodstock for capitalists,” draw tens of thousands to Omaha each year to hear Buffett’s insights and see him sample Dairy Queen ice cream.
As he steps aside, Buffett acknowledged that Berkshire’s identity is deeply intertwined with his own. Yet, as he wrote, “the company will move on.” The gatherings and shareholder letters may become quieter, but the spirit of disciplined investing and integrity he embodied will likely remain a guiding force.
